Accountancy bosses could be at risk of losing vital talent within their organisation, according to research issued by global job board CareersinAudit.com.[1] More than a third of accountants (34%) admitted they are actively looking for a new job and this figure rises to nearly two thirds (63%) within the next six months to a year.
For the last six years, CareersinAudit.com have conducted an annual survey to gauge career sentiment amongst the accountancy profession. Previously the top reason cited for looking for a job was because the accountant had not receiving a pay rise or promotion. However the top reason cited in the latest research was I want to work abroad (30%) then followed by I haven’t received a pay rise or promotion (24%) and I don’t like the company culture (16%).
When asked about the main reason for moving abroad for work, the top reason cited was Better Work Life Balance (28%) followed by Better Career Progression(26%). Others weary of the humdrum admitted they Need a Change (16%).
Whilst some expected career hot-spots topped the league: Western Europe (21%) and North America (15%), the latest research also noted that there has been an increase in those wanting to move to the Middle East (13%) which last year had slumped in popularity(10%). When the research was first was published in 2010, the Middle East was cited as second most popular career destination (19%).
Simon Wright, Operations Director, CareersinAudit.com comments:
“Money and status are always going to feature high as to why accountants are looking for a new job. Yet the latest research shows an interesting shift. Work/life balance and better job prospects are perceived to be the biggest draw for heading to foreign climes. Employers may need to shake up working practices and make changes if want to retain star employees. Depending on the structure and size of the company, bosses could consider offering staff the opportunity to work abroad on secondment either within the company or, perhaps through an associated network.
“Another red-flag has been raised because nearly a fifth of accountants on the move are doing so because they don’t like the company culture. Bosses can’t be complacent and need to look at ways to create the best working environment – whether that is offering a structured career path to show how they can get promoted, flexible working hours or organising occasional social events for all the staff. With more employees looking for a better work/life balance, they want to enjoy getting out of bed for work and the perks and non-financial benefits that come with the job.
“It is interesting to see that the Middle East has regained some popularity as a desired place to work abroad. With plans underway for the Fifa World Cup in Qatar in 2022 and Dubai holding the World Expo in 2020, the demand for jobs in this region is likely to get even bigger over the next few years.”
[1] The research amongst 1700 accountants included accountants, auditors, newly qualifieds, CFOs, managers, FDS, CFOS and partners. 400 UK accountants who took part in the study which was finalised in the final quarter of 2015.
